Construction group Ballast Nedam on Monday announced a first half net loss of €51m, compared with a €3m loss in the year earlier period.

The operational result showed a loss of €45m compared with profit of €1m a year earlier. Turnover rose from €486m to €515m.

Ballast Nedam has seen budget rises on two major road projects in the Netherlands and has also been hit by the downturn in the construction market.

The company is now taking steps to push through a new rights issue with shareholders and banks to raise €30m.